Bitgert: Examining the Claims of a High-Speed, Free-to-Use Blockchain Amid Controversy
Amid the FTX meltdown the blockchain project Bitgert has been grabbing attention with its audacious promises of a high-speed and free-to-use blockchain . Bitgert which is a crypto-engineering organization has ventured into decentralized finance, NFTs and the metaverse aiming to leverage blockchain technology to enhance users' lives .
Amid the FTX meltdown the blockchain project Bitgert has been grabbing attention with its audacious promises of a high-speed and free-to-use blockchain . Bitgert which is a crypto-engineering organization has ventured into decentralized finance, NFTs and the metaverse aiming to leverage blockchain technology to enhance users’ lives . However as the project gains momentum doubts arise regarding the validity of its claims .
Introduction to Bitgert: Promising a High-Speed, Free-to-Use Blockchain
Bitgert’s ecosystem currently operates on the Binance Smart Chain (BSC) but the organization has developed its own blockchain boasting impressive capabilities . The project asserts that its blockchain can handle over 100,000 transactions per second all without any transaction costs . Bitgert claims to have processed over 4 million transactions on its blockchain so far with a cumulative user base of 350,000 since its inception .
Initially launched as an app on BSC in July 2021 under the name Bitrise the project underwent a rebranding to Bitgert in December 2021 . The rebranding did not impact the native token (BRISE) or its ticker and the platform has continued its operations on BSC .
In February 2022 Bitgert launched its own blockchain network known as Bitgert or Brise Chain using a unique “proof of authority” (PoA) validation mechanism . By claiming to process up to 100,000 transactions per second (TPS) the blockchain aims to become one of the fastest in the industry, second only to Aptos which boasts up to 160,000 TPS .
While Bitgert presents itself as a “zero gas fee” chain there are still minimal transaction fees involved, commonly known as gas fees, which are paid in the BRISE token . Additionally the Bitgert network is compatible with Ethereum Virtual Machine (EVM) allowing for easy migration of projects from Ethereum or other EVM chains .
Controversies Surrounding Bitgert: Identity Concerns, Audits, and Charitable Announcements
Bitgert has faced online controversies and speculation, particularly regarding the anonymity of its founders, platform audits, decentralization and charitable initiatives . Analysts and investors have raised concerns about the project’s claims of near-zero fees and high transaction speeds .
The project claims that it has solved the blockchain trilemma which suggests that scalability, decentralization and security often have an inverse relationship . However there is limited available information or concrete evidence to support Bitgert’s claims of being decentralized and secure .
The identities of the Bitgert founders remain unknown even after more than a year since the project’s inception and 10 months since the launch of its blockchain . Speculation has arisen that the team behind the project may be using fake identities . The project’s website previously featured an “Our Team” page but it has since been removed raising further doubts .
Bitgert’s platform audits have also raised concerns as they were conducted by the Bitgert team itself, resulting in a self-proclaimed 98% security rating . This has led to questions about the transparency and objectivity of the platform’s security measures . Furthermore the project’s whitepaper contains grammatical errors and lacks specific details, contributing to its ambiguous nature .
The project has announced plans to make donations to charity but has not provided any details regarding the chosen charity or its plans . This lack of information has left investors unsettled and added to the skepticism surrounding the project’s legitimacy .
The Legitimacy Question: Is Bitgert Truly Solving the Blockchain Trilemma?
Bitgert’s claims of near-zero fees and high transaction speeds have drawn attention but the lack of substantial evidence raises doubts about the project’s legitimacy . If the Bitgert chain has genuinely solved the blockchain trilemma it would be the first to do so and likely attract significant attention due to its advanced technology .
Uncertain Future: Investment Potential of Bitgert and BRISE Token
Determining whether Bitgert or its native token BRISE is a good investment remains challenging . The BRISE token currently has an extremely low price, with a diluted valuation of $380 million and a minuscule value of $0 .0000003061 as of May 12, 2023 . While the token has experienced price increases in the past the project’s limited user base and questionable legitimacy may hinder substantial future growth .
Bitgert employs effective marketing tactics enticing investors with its low token price and bold claims . However the likelihood of significant value appreciation seems low for a project with questionable legitimacy and limited adoption .
Overall investors should exercise caution and thoroughly assess the uncertainties surrounding Bitgert and the BRISE token before considering investment opportunities .